Strangling capacity constraints chokes US economic growth August 23, 2021 The US economic rebound from the Covid crisis slowed sharply this month as severe constraints on capacity led to businesses struggling to scale production, according to a closely watched survey released today. IHS Markit’s latest flash composite output index for the US slid to 55.4 in August, down from 59.9 in July, hitting a fresh [...]
Oil prices jump to pare back worst weekly losses for nine months August 23, 2021 Oil prices jumped today to partly reverse losses registered last week that saw the main international benchmarks swing to their worst seven day performance in nine months. International benchmarks WTI and Brent Crude rose 3.22 per cent and 3.27 per cent to $64.14 and $67.31 respectively. Both benchmarks marked their biggest week of losses in [...]
Eurozone post-Covid economic rebound marches on at rapid clip August 23, 2021 The economic recovery from the Covid crisis in the Eurozone continued to progress at a rapid clip this month, driven by a ramping up of the bloc’s vaccination programme allowing a further easing of pandemic restrictions, according to a closely watched survey released today. IHS Markit’s latest flash Eurozone purchasing managers’ composite output index hit [...]
Global anti-money laundering fines surge as regulators dole out tougher penalties August 23, 2021 Global anti-money laundering (AML) fines at banks and financial services firms soared to $2.2bn (£1.6bn) last year, fives times higher than in 2019, as regulators have stuck to tougher lines on the industry, according to reports. In its latest review Kroll, a governance and risk consultancy, found that watchdogs levied almost $1bn of AML fines in [...]
PMI: Post-Covid bounce-back slows in August as pingdemic struck August 23, 2021 The UK economy’s post-lockdown boom stalled this month as firms continued to struggle with staff shortages, as a result of the so-called ‘pingdemic’, but strong inflation pressures eased slightly. The IHS Markit/CIPS flash composite PMI dropped for the third consecutive month, sinking to 55.3 from 59.2 in July – its lowest since February- according to the latest [...]
Workers of the world unite! How the post-pandemic recovery is increasing the bargaining power of labour August 23, 2021 | City Talk More than 114 million people lost their jobs over 2020, according to the International Labor Organization. Even more saw their working hours and wages cut. The worst affected industries were accommodation and food services where global employment declined by over 20%, followed by retail. These sectors were particularly hard hit by lockdowns, forced closures and plummeting tourism. Women and younger workers were badly affected. You could be [...]
JP Morgan boss Jamie Dimon plans first UK visit since Covid hit August 23, 2021 JP Morgan chief executive Jamie Dimon will visit London next month for the first time since the coronavirus outbreak. The trip could result in fresh momentum for workers to return to the City as the banker has advocated for office-working. The Wall Street banking boss will meet clients and staff after an initial scheduled trip [...]
Global dividends continue march toward pre-Covid levels August 23, 2021 Companies are restoring investor payouts rapidly as the spectre of the Covid crisis over their future prospects recedes, according to fresh figures released today. Data from Janus Henderson shows global dividends surged 26.3 per cent to $471.7bn in the second quarter of this year on an annual basis. Companies that halted dividends to protect cash [...]
One in three British firms to restructure business to cope with post-Brexit environment August 23, 2021 Almost one in three medium-sized businesses are going to have to drastically change their operations to cope with the new post-Brexit UK-EU trading relationship, according to new figures published today. Research by accountancy firm BDO reveals 32 per cent of mid-sized businesses think they need to alter their business model to remain viable amid the [...]
Sara Glass CA: From the private sector to CFO of the Scottish Parliament August 23, 2021 | City Talk This article first appeared in ICAS’ CA magazine. Sara Glass CA left a successful career in the private sector to become CFO of the Scottish Parliament. She tells Ryan Herman why the two roles are more similar than they appear. It is less than a year since Sara Glass CA became Chief Financial Officer for the [...]